QCP Market Colour, 24 August 2026

$BTC recorded its strongest week since March 2024, briefly reaching approximately 79.5k after gaining more than 20%.

The move coincided with a sharp shift in rates. After the US 30-year Treasury yield approached 5.3%, its highest since 2007, Treasury announced that long-end liquidity-support buybacks would increase from a maximum of $2bn to at least $4bn per operation from 9 September. Long yields initially fell and the dollar weakened, while BTC and gold moved higher.

Positioning helped accelerate the initial breakout, but spot participation subsequently strengthened. US-listed spot BTC and ETH ETFs attracted around $2.6bn combined last week, their strongest weekly inflow since October 2025.

Attention now shifts to three different parts of the macro picture: PCE for inflation, Nvidia earnings for the AI investment cycle, and Fed Chair Warsh's first Jackson Hole keynote for the monetary-policy framework.

Warsh speaks at 10pm SGT on Friday, while both July PCE and the second estimate of Q2 GDP arrive on Wednesday.

After a week dominated by positioning and Treasury-market developments, will this week's data provide greater clarity on the macro backdrop?

Read the full QCP Market Colour here.